Managers
TOP STORY: Earlier this year, Bayview Asset Management structured two re-securitisation trades worth $642m, the structures of which were modelled after similar pre-2008 financial crisis transactions by a major US bank, according to a report by Reuters.Â
The ‘Long Magnificent Seven’ trade, a strategy focused on mega-cap US technology companies, is the most crowded trade for the 15th consecutive month, according to report by MarketWatch citing Bank of America’s Global Fund Manager Survey.Â
Hedge fund managers focusing on mergers and acquisitions have outperformed those using other strategies, achieving a 7.7% return in the first five months of 2024, according to a report by Reuters citing a Goldman Sachs client note.Â
Steve Cohen’s Point72 Asset Management is planning to raise approximately $1bn for a new hedge fund focusing on AI, marking the firm’s first new hedge fund in decades, according to a report by Bloomberg.Â
While Wall Street strategists are bullishly raising their targets for the S&P 500 Index, hedge funds are exercising increased caution towards equities, according to a report by Bloomberg citing a note by Goldman Sachs’s prime brokerage desk.Â
Cliff Asness’s AQR Capital Management has touted the resurgence of convertible arbitrage, a niche strategy that capitalises on debt convertible into equity, according to a report by Bloomberg.Â
 Strategists at TD Securities have observed that the unwinding of the carry trade—a strategy where investors exploit interest rate differentials between countries—is gaining traction among clients, according to a report by MarketWatch.Â
Philip King, CIO at Regal Funds Management, has initiated a short position in the shares of Commonwealth Bank of Australia, pointing to what he describes as one of the world’s most expensive valuations, according to a report by Bloomberg.Â
SkyBridge Capital, the $7.9bn New York-headquartered alternative investment firm founded by Anthony Scaramucci, has partnered with South Korean securities firm Woori Investment & Securities, according to a report by WealthBriefingAsia.Â
Saba Capital Management has requested a US judge to prevent BlackRock from employing a tactic that Boaz Weinstein’s hedge fund firm claims will restrict investors’ rights to elect the board of one of its closed-end funds, according to a report by Pensions & Investments.Â
